Audit Report: NSITF Under Fire In Senate Over N17.2bn Transfer

The present and past management of the Nigeria Social Insurance Trust Fund have come under fire in the Senate for failing to justify its spending of N17.158 billion in 2013 with required evidential documents, some of which were alleged to have been eaten up by termites.

The N17.158 billion, as stated in the 2018 Audit report, was the total amount of money transferred by NSITF from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies from January to December 2013 .

The Auditor- General’s office had, in the 2018 Audit report , raised 50 different queries bordering on alleged misappropriation of funds by management of the agency , which were being looked into by the Senate Committee on Public Accounts .

Specifically on the N17.158billion unsubstantiated transfers made by NSITF , the query read: “ Management of NSITF as shown in statements of Account No. 1750011691 with Skye bank plc, for the period 1st January, 2013 to 20th December, 2013, and Statements of Account No.2001754610 with First Bank Plc for the period 7th January, 2013 to 28th February, 2013, transferred amounts totalling N 17,158,883,034.69billion to some persons and companies from these accounts.

“However, payment vouchers relating to the transfers together with their supporting documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated.

“ These are in violation of Financial rule 601 which states that “All payment entries in the cashbook/accounts shall be vouched for on one of the prescribed treasury forms. Vouchers shall be made out in favour of the person or persons to whom the money is actually due.